CHAPTER 5CREDITORS, THE DEBTOR, AND THE ESTATE
Sub Chapter III The Estate
Sec. 556. Contractual right to liquidate
a commodities contract or forward contract
The contractual right of a commodity broker or forward contract
merchant to cause the liquidation of a commodity contract, as defined in
section 761 of this title, or forward contract because of a condition of
the kind specified in section 365(e)(1) of this title, and the right to
a variation or maintenance margin payment received from a trustee with
respect to open commodity contracts or forward contracts, shall not be
stayed, avoided, or otherwise limited by operation of any provision of
this title or by the order of a court in any proceeding under this
title. As used in this section, the term ``contractual right'' includes
a right set forth in a rule or bylaw of a clearing organization or
contract market or in a resolution of the governing board thereof and a
right, whether or not evidenced in writing, arising under common law,
under law merchant or by reason of normal business practice.
(Added Pub. L. 97-222, Sec. 6(a), July 27, 1982, 96 Stat. 236; amended
Pub. L. 101-311, title II, Sec. 205, June 25, 1990, 104 Stat. 270; Pub.
L. 103-394, title V, Sec. 501(b)(7), Oct. 22, 1994, 108 Stat. 4143.)
1994--Pub. L. 103-394 substituted ``section 761 of this title'' for
1990--Pub. L. 101-311 inserted before period at end ``and a right,
whether or not evidenced in writing, arising under common law, under law
merchant or by reason of normal business practice''.
Effective Date of 1994 Amendment
Amendment by Pub. L. 103-394 effective Oct. 22, 1994, and not
applicable with respect to cases commenced under this title before Oct.
22, 1994, see section 702 of Pub. L. 103-394, set out as a note under
section 101 of this title.